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Innovation and new product development strategy
1. INNOVATION AND NEW PRODUCT
DEVELOPMENT
Submitted by
Athira K (2020 -22 )
FTM 420002
Submitted to ,
Dr. Ashutosh Upadhyay
Dept of FST
NIFTEM
NIFTEM
2. Innovation
Innovate or Die
eg :KODAK
Successful innovation -Setting up
of a new production function
โข A new commodity
โข New form of organisation
โข Opening up of new market
New Idea ,Process ,Practice ,
Product or Service that benefits
the individual ,Group or Society
Not all the
inovations are
inventions
?
EXTERNAL CHALLENGES INTERNAL CHALLENGES
Technological innovation
๏ง Process
๏ง Product
Non technological innovation
๏ง Marketing innovation
๏ง Organisational innovation
3. ASPECTS OF INNOVATION
1. The introduction of a new .
2. The introduction of an improved or better method of Production.
3. The opening of a new market.
4. The conquest of a new source of supply of raw materials or half-
manufactured goods.
5. The carrying out of the better organization of any industry .
4. FOOD TECHNOLOGIST AS
INNOVATOR
.
โข Finding new goods with
improved quality attributes
โข Finding answers to societal
changes and demands
โข Changing the presentation of established
products, creating new market segments
๏ง Applying different ingredients and
processes or organize things in a
better way
Tackling obesity
Reduce saturated, trans fats
Reduce added sugars
Reduce calories
Health appeal
Nutrition claims
Health claims
Probiotics
Sports nutrition
Nutrient profiling
Complete food
Specific nutritional requirements
Gluten-free and nutritious, Vegetarian
Diet
5. INNOVATION MATRIX
A tool to define the Innovation
Strategy that best fits your
company
The Innovation Matrix is a
visualisation that incorporates
the various aspects of
innovation.
7. Get a modern PowerPoint
Presentation that is
beautifully designed.
Content Here
โ
product
โRadical product innovationโ
(1) The market perspective
(2) The technology perspective
โขCreates so high an impact on the
market that it makes the existing
products obsolete or unnecessary
โขEven threaten to destroy the existing
market and can even create new
industries.
โIncremental product innovationโ
โขMinor changes in the product or
technology with limited impact on the
technological system
โขLess efforts and resources, are less
ambitious in their scope, are less
risky, and are generally more
successful than radical innovation.
8. Product Innovation Strategies
Use of purposive inflows and outflows of knowledge to
accelerate internal innovation and expand the markets for
external use of innovation
Highlight the benefits of sourcing external knowledge to
enhance firmsโ own innovation capabilities.
Co-creation with customers and consumers; informal
networking with other organizations; funding of research
projects carried out by outside researchers
Participating in government-sponsored R&D projects;
and contracting with external specialized R&D service
providers
Investment in joint venture partnership; selling of market-
ready products to other firms.
OPEN INNOVATION
9. Collaboration
Find solution to
product design and
testing problems by
working with
individual or
organizations outside
of the firmsโ
boundaries.
To collaborate
vertically among
firms in the same
industry
Access to valuable
market
information that
enables it to
develop new
products that meet
the exact needs of
the consumers
NETWORKING
STRATEGY
10. โขImprove their product innovation outcomes is to
make use of the excess resources in production
capacity
โขPooled knowledge, combined research,
technologies, marketing, talents, and other
resources
โขInternally oriented strategies that focus on the
development and utilization of unique bundles of a
firmโs resources like knowledge, assets, information,
capabilities, firm attributes, organizational processes.
Resource-based Strategy
Technology Make vs. Technology
Buy Strategies
โขTechnology make strategy -developing technologies
internally and using these technologies for the
generation and evaluation of new ideas for products
or business models.
โขTechnology buy strategy- developing technologies
externally and using these technologies for the
generation and evaluation of new ideas for products
or business models
13. The NPD process can be the target of innovation
.
1)Generation of Ideas
5) Product
Development
ASPECTS OF
NPD PROCESS
2)Prioritizing of Ideas
3 ) Developing and
Testing the Concept
4 )Setting up the
Business Strategy
6) Test Marketing
7) Commercialization
15. Workable ideas may come from various sources, including:
โข Internal sources, such as the management or employee
incentive programmes
โข Market research when reviewing trends, chances and
changing directions
โข Customer feedback or demands
โข Competitors analysis and the identification of successful
products being in the market alreadyโknow your market
โข Internal SWOT analysis, reviewing strength, weakness,
opportunities and threats.
GENERATION OF IDEAS
16. This second step in NPD is to filter the few good ideas out of the many.
Factors influencing here may be:
โข Uniqueness with respect to market situation, actual trends, and
needs; strive for defining unique product facts
โข Is there a chance to be the first and to occupy a market share
โข Customer demands and potential market size
โข Positioning in the top, quality, or low-cost segment
โข The companyโs equipment situation, strengths, weaknesses, and
investment requirements
โข Affordability and expected ROI
PRIORITIZING OF IDEAS
17. The idea is developed into a detailed NPD strategy
considering many aspects, such as product design,
ingredients, recipes, labeling, nutritional data, and
packaging to have everything ready for presentation and
then testing.
โขProvide information in order to position the product right
and to visualize it.
โขEvaluate the results in a mutual discussionโhow the
customers feel about the concept, whether the product
fulfils the needs and desires.
โข Would they buy it at the requested price? That feedback
helps in further refining the concept.
DEVELOPING AND TESTING THE CONCEPT
18. โขConcept testing -coming up with the final concept.
โขAnalysis of the competition situation for the product, costs,
pricing strategies, the estimated product profitability, and
breakeven simulations is carried out.
โขFollowed by decisions on business strategies, such as
branding, the marketing mix, and the involvement of
multipliers.
SETTING UP THE BUSINESS
STRATEGY
19. โข The product concept is transformed into the manufacturing stage.
โข Preparing the manufacturing line, allocation of people, ingredient
procuring, prototype production, and any formula adjustments
required are done.
โข Pinpoint and address any bottlenecks, hurdles, or inefficiencies.
โข Choose the right partners for assisting in defined areas of
development
PRODUCT DEVELOPMENT
20. โขNow the actual prototype is introduced for research
and feedback.
โขThe feedback by real customers may require further
adaptations to the product.
โขThis stage has to validate the concept and
prepares the company for the launch.
TEST MARKETING
21. โขThe product is ready for kick-off, so should be the marketing
strategies.
โขThe markets are decided for the initial product launch.
โขThe different departments are briefed about the duties and targets.
COMMERCIALIZATION
22. CONCLUSION
โขInnovations create bigger opportunities and are critical for the survival,
economic growth, and success of a company.
โขInnovating helps developing original concepts and is a driver of optimizing
operations.
โขProduct success is dependent on many factors.
โข Realistic goals for a product and sound financial analysis can make a product
more apt to prosper.
โข Collecting ample product research assists in creating products that fit
consumer desires as well as ones that are competitive in the marketplace.
โข A good business plan with adequate lists of all necessary tools is essential to
building a realistic, profitable business/product.
23. REFERENCES
โข ABETTI, P. A. 2000. Critical success factors for radical technological
innovation: a five case study. Creativity and Innovation Management, 9, 208-
221
โข Chaochotechuang, P., Daneshgar, F., & Sindakis, S. (2015). Innovation
Strategies of New Product Development (NPD). International Journal of
Knowledge and Systems Science (IJKSS), 6(2), 57-75.
โข New Products Require New ThinkingโIdeas and Examples- Mohan Sawhney
โข https://www.toolshero.com/innovation/innovation-matrix/
โข https://www.boardofinnovation.com/blog/innovation-matrix-tool-to-define-your-
innovation-strategy/